![]() ![]() ![]() ![]() ![]() It needs genuine aims, rules and commitment. But while the enemy of my enemy may be my friend, a successful BRICS needs more than that. Many of the countries now proposing the bric have common interests, not least a dislike of U.S. Later, we got other clever groupings of countries such as The Bottom Billion, CIVETS (Colombia, Indonesia, Vietnam, Turkey and South Africa) and MINTs (Mexico, Indonesia, Nigeria and Turkey), as investment bankers tried to market their vision and, coincidently, charge you a very reasonable fee to help you position yourself for this once-in-a-lifetime opportunity. It was a classic “It’s different this time” piece by a broker trying to stump up trade. The countries did not formally band together until eight years later. Many countries outside the Western orbit, such as Saudi Arabia, Iran and Mexico, have expressed interest in joining.īut when the British economist Jim O’Neil came up with the BRIC acronym in 2001 (South Africa was added in 2010), it was – as much as anything – a Goldman Sachs marketing gimmick, based on the idea that Western capitalism had triumphed and that growth was to be found elsewhere. The group seems to be having a resurgence amid the isolation of Russia after its invasion of Ukraine. ![]()
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